Regulation No. 11/12/PBI/2009 Concerning Electronic Money


(enacted in 2009)

Regulation No. 11/12/PBI/2009 Concerning Electronic Money, issued by Bank Indonesia, addresses various facets of e-money in Indonesia.

In particular, this regulation defines e-money as a payment instrument which fulfills the following criteria:

a. It is issued against equal value of the money deposited by the customer to the issuer;
b. The nominal value of the money is stored electronically in a medium, such as a server or chip;
c. It serves as a payment instrument for merchants which are not the issuer of the e-money; and
d. The value of e-money deposited by the customer and managed by the issuer is not categorized as deposits, as defined by Act No. 7 of 1992 Concerning Banking.

The regulation is organized as follows:

  • Chapter I General Provisions;
  • Chapter II Principals, Issuers, Acquirers, Clearing Processors and/or End Settlement Processors (outlines the obligations and activities of each of these parties);
  • Chapter III Operations (pertains to risk management and usage of Rupiah);
  • Chapter IV Transfer of Electronic Money Licenses;
  • Chapter V Supervision (conducted by Bank Indonesia);
  • Chapter VI Enhancement of Security Technology;
  • Chapter VII Miscellaneous provisions (addressing matters such as inclusion of syariah and other banks, as well as self-governance);
  • Chapter VIII Sanctions;
  • Chapter IX Temporary Suspension, Cancellation and Revocation of Licenses;
  • Chapter X Transitional Provisions; and
  • Chapter XI Closing Provisions.

DISCLAIMER: The attached document is an unofficial translation of Bank Indonesia Regulation No. 8/5/PBI/2006. An official translation is unavailable.